§ 55-8-05. Terms of directors generally.
§55‑8‑05. Terms of directors generally.
(a) The terms of theinitial directors of a corporation expire at the first shareholders' meeting atwhich directors are elected.
(b) The terms of allother directors expire at the next annual shareholders' meeting following theirelection unless their terms are staggered under G.S. 55‑8‑06.
(c) A decrease in thenumber of directors does not shorten an incumbent director's term.
(d) The term of adirector elected to fill a vacancy expires at the next shareholders' meeting atwhich directors are elected.
(e) Despite theexpiration of a director's term, he continues to serve until his successor iselected and qualifies or until there is a decrease in the number of directors. (1901,c. 2, ss. 14, 39; Rev., ss. 1147, 1182; C.S., ss. 1144, 1175; 1927, c. 138;G.S., ss. 55‑48, 55‑112; 1955, c. 1371, s. 1; 1959, c. 1316, s. 33;1969, c. 751, ss. 10, 11; 1989, c. 265, s. 1.)